U.S. stocks are soaring on a euphoric Wall Street Wednesday after President Donald Trump said he would temporarily back off on most of his global tariffs, as investors had so desperately hoped he would.
The S&P 500 was up 8% in afternoon trading and heading toward one of its best days in decades. It had been down earlier in the morning amid worries about whether Trump’s trade war would drag the global economy into a recession. But then came the posting on social media from Trump that investors worldwide had been waiting and wishing for.
“I have authorized a 90 day PAUSE,” Trump said, after recognizing the more than 75 countries that he said have been negotiating on trade and had not retaliated against his latest increase in tariffs.
